Saudi Arabian Airlines starts daily flights to Turkey’s Izmir

Saudi Arabian Airlines (Saudia) will fly its first direct flight to Tukrey’s Izmir on Wednesday. (AFP)
Updated 08 May 2018
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Saudi Arabian Airlines starts daily flights to Turkey’s Izmir

RIYADH: Saudi Arabian Airlines (Saudia) will fly its first direct flight to Tukrey’s Izmir on Wednesday, a new destination added to its seasonal service.
A daily service four-times-weekly from Jeddah to Izmir will start on Wednesday, according to the Saudi Press Agency.
And starting on June 10, Saudia will be running flights three-times weekly from Riyadh.
Flight SV251 will depart King Abdul Aziz International Airport in Jeddah at 10:10 local time Wednesday morning. The expected arrival time in Izmir is 13:35.
The return flight SV250 will take off at 15:05 Wednesday afternoon, to arrive in Jeddah at 18:30 in the evening.
The airline will operate the route with an Airbus A320 aircraft in a two-class configuration of 20 seats in business class and 96 seats in guest class (economy).
The flight duration from Jeddah to Izmir is three hours and 25 minutes nonstop, and three hours 55 minutes from Riyadh.
The Kingdom’s national carrier currently flies to 89 destinations across four continents and operates a fleet of narrow-body and wide-body Airbus and Boeing aircraft.


World’s biggest sovereign fund worried about trade wars

Updated 21 August 2018
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World’s biggest sovereign fund worried about trade wars

  • The fund posted a positive return of 1.8 percent, or 167 billion kroner ($19.8 billion), in the second quarter
  • Markets are worried about a trade dispute between the United States and China

OSLO: The managers of Norway’s sovereign wealth fund, the world’s biggest, expressed concern Tuesday about global trade tensions, which could heavily impact its value.
The fund posted a positive return of 1.8 percent, or 167 billion kroner ($19.8 billion), in the second quarter, helping erase a loss of 171 billion kroner in January-March that was attributed to a volatile stock market.
The Government Pension Fund Global, which saw its total value swell to 8.33 trillion kroner by the end of June, manages the country’s oil revenues in order to finance Norway’s generous welfare state when its oil and gas wells run dry.
But Norway’s central bank, which runs the fund, said geopolitical and trade tensions presented a risk.
“It’s fair to say that increased trade barriers or even trade wars will not be beneficial for the fund as a long-term global investor,” Trond Grande, the deputy chief of Norges Bank Investment Management, told reporters.
Markets are worried about a trade dispute between the United States and China. Accusing Beijing of unfair competition, the US administration is considering slapping a new round of levies worth $200 billion on Chinese goods.
Talks between the two slated for Wednesday and Thursday aimed at resolving the dispute have however eased concerns somewhat.
Following US-Turkey tensions that sent the Turkish lira and the Istanbul stock market tumbling, the Norwegian fund said its assets there were worth less than the 23 billion kroner they were at the beginning of the year.
“We’ve seen the market rise for a long time, that there are different political and geopolitical events in the world that can affect the market, and we have to be prepared for the fact that (the value of) the fund can go down a lot,” Grande concluded.
The fund’s strong second quarter was attributed primarily to its share portfolio, which accounts for 66.8 percent of its investments and which rose by 2.7 percent.
Real estate holdings, which account for 2.6 percent of its holdings, rose by 1.9 percent, while bond investments, which represent 30.6 percent, remained flat.
Faced with falling oil revenues in recent years, the Norwegian government has been tapping the fund to finance public spending since 2015. But with oil prices recovering, the fund registered its first inflow in three years in June.